When most people think of financial advice, they think immediately of managing investments. While this is certainly a part of what we do here at Master’s, our Total Wealth Management service is much more holistic in nature. Today, I want to discuss what holistic financial advice is and why working with an advisor that provides holistic financial advice is so beneficial.
- What Holistic Financial Advice Is – Holistic financial advice is advice that incorporates every area of a client’s financial life when providing planning recommendations. For example, at Master’s, if we are working on a client’s retirement income plan, we also need to consider aspects such as their values, goals, tax situation, tolerance for risk, charitable giving desires, and their estate planning goals (just to name a few).
- Coordination & Integration When Implementing Strategies – Most people that work in the financial services industry have a specific focus on one aspect of your financial life. For example: tax accountants, estate planning attorneys, insurance agents, bankers, and investment professionals (such as brokers and most advisors). All of these services are extremely valuable. However, if there is no one there to coordinate these professionals to ensure that everyone is rowing in the same direction, problems can result. A recommendation from one professional could have unintended, unforeseen consequences in an area overseen by another professional. A key aspect of our role in providing holistic financial advice is to take into account all of the various aspects of your financial life and organize them in light of your own personal financial situation and goals. This includes incorporating the advice from all your planning professionals in order to be sure everyone remains on the same page and to minimize the impact of unintended consequences.
- Continuity Amidst the Unexpected – Life has a funny way of throwing unexpected curveballs. You never know what is around the corner. Since we are intimately familiar with our clients’ values, goals and virtually every aspect of their financial situation, should an outside party need to become involved (such as a Power of Attorney or an Executor), we help keep things organized and work to ensure that your goals continue to be kept at the front and center. Anyone that has had to dig through piles of old financial statements and bank records for a friend or loved one can attest to the value of having a point person to help them understand where everything is, what information is relevant, what information is irrelevant, and why things are set up the way they are.
- A Coach When Making Decisions – In life, all of us are bombarded by surprises on a regular basis. Since we are so intimately familiar with our client’s core values and goals, we can help guide our clients through the various twists and turns of life when they arise. Whether it be a scary news headline or an unexpected life event, we provide objective input in order to help our clients keep their core values and long-range goals in mind when making decisions or dealing with uncertainty.
If you are interested in knowing more about our Total Wealth Management service and if it would be a fit for your situation, do not hesitate to reach out!